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Financial Information

Profit and Loss 
for the financial year ended 
31 December
2012   2013 2014 2015 2016  2017 
$'000 $'000 $'000 $'000 $'000 $'000
Property income 156,870 174,043 184,093 170,347 161,252  164,516 
Net property income 124,660 138,294 151,436 137,465 128,370 131,200

Share of results of associates

46,844 62,134 60,745 75,695 83,460 83,795
Share of results of joint ventures (28) 2,103 9,848 17,163 30,789 31,959
Distributable income 201,899 214,043 206,142 217,268 208,123 190,730
Distribution per unit (cents) 7.77 7.88 7.23 6.80 6.37 5.70
Distribution yield (%)(1) 6.0 6.6 5.9 7.3 6.2 4.5
Balance Sheet 
As at 31 December
2012 2013 2014 2015 2016 2017
$'000 $'000 $'000 $'000 $'000 $'000
Total assets 6,139,472 6,775,539 7,329,404 7,425,418 7,535,325 7,604,288
Total liabilities 2,673,504 2,876,568 2,869,932 2,647,570 2,636,767 2,689,030
Unitholders' funds 3,464,157 3,896,993 4,457,420 4,626,021 4,746,717 4,763,424
Total borrowings 2,800,544 3,030,824 3,545,300 3,340,755 3,329,450 3,374,565
Value of deposited properties 6,521,406 7,200,498 8,184,726 8,496,235 8,649,064 8,718,254
Financial Ratios 
As at 31 December
2012 2013 2014 2015 2016 2017
Aggregate leverage (%) 42.9 42.1 43.3 39.3 38.5 38.7

Interest Coverage Ratio 
(times)

5.2 5.5 5.0 4.4 4.7 4.3
All-in interest rate (%) 2.02 2.15 2.23 2.54 2.51 2.62
Management expense
ratio (%)(2)
1.32 1.38 1.27 1.25 1.22 1.19
Per Unit Data 
As at 31 December
2012   2013 2014 2015   2016 2017 
Net asset value per unit ($) 1.32 1.40 1.41 1.44 1.44  1.41 
Adjusted net asset value per unit ($)
- excluding distributable income
1.30 1.38 1.40 1.42  1.43 1.40 
Year-end closing price ($) 1.30 1.19 1.22 0.93  1.02  1.26

Number of units in issue at year-end ('000)

 2,631,180 2,787,682 3,170,434 3,216,124  3,291,616 3,370,734 
Market capitalisation
($'000)(2)            
3,407,378  3,303,403 3,867,929 2,990,996 3,357,448  4,247,125 

(1) Based on closing unit price as at the last trading day for the financial year.
(2)  The ratio is computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to the trust expenses, excluding property expenses, amortisation expense and borrowing costs, but including performance component of the Manager's management fees.